My friend cosigned a vehicle loan for her boyfriend. He in turn went in and had the dealership refinance the loan and they typed her name in. Is this actually legal to do? This occurred in the state of Michigan.
Never """EVER EVER EVER""" cosign a loan.Tell her to try and get out of this immediately.
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2 Responses to “When refinancing do you need both signitures?”
1) Is he trying to refinance in his name only? If so, then her name isn’t needed on the new documents. If he is refinancing, and she will be on the new loan, then she would need to sign the documents.
2) How is the car titled? This is CRUCIAL. I pray that the vehicle is not titled in his name AND her name. Hopefully it is titled in his name OR her name. If the word AND is there, it means that they both own the car, and that if anything happens, they are both responsible. Also, to sell it, they would both need to sign the title. That is fine now, but 5 years from now, if they have broken up, they still have to sign the title. References :
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Never """EVER EVER EVER""" cosign a loan.Tell her to try and get out of this immediately.
References :
There are a couple of things in play here:
1) Is he trying to refinance in his name only? If so, then her name isn’t needed on the new documents. If he is refinancing, and she will be on the new loan, then she would need to sign the documents.
2) How is the car titled? This is CRUCIAL. I pray that the vehicle is not titled in his name AND her name. Hopefully it is titled in his name OR her name. If the word AND is there, it means that they both own the car, and that if anything happens, they are both responsible. Also, to sell it, they would both need to sign the title. That is fine now, but 5 years from now, if they have broken up, they still have to sign the title.
References :